Welcome to the Post Holdings Third Quarter 2014 Earnings Conference Call and Webcast. Hosting the call today from Post are Terry Block, President and Chief Operating Officer; and Rob Vitale, Chief Financial Officer. Today's call is being recorded and will be available for replay beginning at 12 p.m. Eastern Daylight Time. The dial-in number is (800) 585-8367, and the passcode is 69991379. [Operator Instructions] It is now my pleasure to turn the floor over to Brad Harper, Investor Relations of Post Holdings, for introductions. Sir, you may begin.

Thank you, and good morning. Welcome to the Post Holdings conference call where we will discuss results for the third quarter of fiscal 2014. With me today are Terry Block, our President and COO; and Rob Vitale, our CFO. We will not be taking questions after our prepared remarks today. The press release that supports these remarks is posted on our website at www.postholdings.com. In addition, slides are available on our website and filed with the SEC on a Form 8-K filed today for reference during today's call. Before we continue, I would like to remind you that this call will contain forward-looking statements. These forward-looking statements are subject to risks and uncertainties, which should be carefully considered by investors, as actual results could differ materially from these forward-looking statements. For more information, please visit the SEC Filings page in the Investor Relations section of our website. These statements speak only as of the date of this call, and management undertakes no obligation to update or revise these statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. As a reminder, this call is being recorded for audio replay. And finally, this call will discuss certain non-GAAP measures. For a reconciliation of non-GAAP measures to the nearest GAAP measure, see our press release issued yesterday and posted on our website. With that, I will turn the call over to Terry.

Good morning, and thank you for joining us. This morning, we'll review the results of our business for the third quarter and for the 9 months ended June 30, 2014. Despite progress against some key initiatives, this quarter fell short of our expectations, with sales of $633 million and adjusted EBITDA of $87.8 million. Over the past 15 months, we have closed 6 acquisitions, transforming Post into a diverse consumer packaged goods holding company. We sought to counter the negative category trajectory in our core RTE cereal business, with acquisitions that compete in categories with better growth prospects driven by large secular themes. We remain very positive about the companies and the prospects our acquisitions afford Post Holdings. The investments in Active Nutrition, Private Brands and value-added egg products provide Post the ability to address themes supporting portability and convenience, changing diet trends and a shift in breakfast away from home. Additionally, we diversified the retailers and channels that sell Post products. The pace of transformation has been aggressive. It's our belief that the opportunities we pursued outweigh the short-term risks and learning curve uptakes associated with the rate of transformational change. Rapidly building a diverse portfolio and transforming Post from $1 billion to a projected $4 billion in net sales brings challenges. During Q3, we experienced some acquisition-related challenges, as well as some of a legacy nature. More specifically, some headwinds during the quarter included escalating commodity input costs within Active Nutrition and Private Brands, previously noted operational issues hampering both costs and sales within Active Nutrition and greater-than-expected volume weakness in RTE cereal category declines. Let me provide additional color. For the quarter ended June 30, 2014, RTE cereal category, as measured by Nielsen, experienced dollar consumption declines of 6.1% year-over-year. This rate of decline accelerated in the…

Thank you, Terry, and good morning. Let me start by reiterating some things Terry said. First, we feel very positive about our overall strategy, including growing through M&A. Second, obviously, we are disappointed in the results of the quarter, but we are also disappointed that we did not accurately anticipate these results. In my comments, I will briefly review the consolidated results, including the initial, partial month for Michael Foods. I will also provide detail with respect to the variance from our expectations, specifically discussing in further detail Post Foods and Dymatize. Finally, I will comment upon our forecasting methodology and update our outlook. As with last quarter, the financials include acquisitions from the date of acquisition forward without adjustment to any prior period. With the exception of Post Foods, each segment includes a partial period in either 2013 or 2014 or both. Please refer to our press release for the acquisition dates. All segments, except the Michael Foods segment, reflect a full 3 months of results in the third quarter of 2014. Before I begin, as Brad mentioned, slides are available, which contain material that is outlined later. Consolidated net sales were $633 million. Gross profit was $148.6 million and included $48.9 million from acquisitions. Total SG&A expense was $120.3 million and is running at 19% of net sales. SG&A from acquisitions was $38.7 million in the quarter. Third quarter 2014 SG&A included $12.4 million of acquisition-related transaction expenses for announced acquisitions, all of which is added back for the adjusted EBITDA calculation. Adjusted EBITDA was $87.8 million and included $37.8 million from acquisitions. Consolidated net interest expense was $57 million for the third quarter, compared to prior year interest expense of $19.2 million. This amount reflects a partial quarter impact for the debt incurred in conjunction with financing…

Thank you. This concludes today's conference call. You may now disconnect.